Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2024 Earnings Presentation
21 slides from Euroseas's earnings presentation, May 23, 2024
Slide 1: Earnings Presentation
Earnings Presentation Quarter Ended December 31, 2023 May 23, 2024 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may re
Slide 3: 2024 First Quarter Financial Highlights
2024 First Quarter Financial Highlights Financial Results in million USD except per share figures Q1 2024 Net Revenues 46.7 Net Income 20.0 2.87/ share(2) Adj. Net Income(1) 18.5 2.66/ share(2) (1) Adj. EBITDA 24.6 1) See press release of May 23, 2024 for reconciliation of Adj. Net Income and Adjust
Slide 4: Recent S&P, Chartering & Operational Highlights
Recent S&P, Chartering & Operational Highlights ➢ S&P • Agreed to sell M/V Astoria for $10.0m; the vessel is expected to be delivered to her new owners, an unaffiliated third party, by mid-June 2024 ➢ Newbuilding deliveries • M/V Leonidas Z was delivered on April 25, 2024. Following her delivery, sh
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 22 vessels with an average age of 15.0(1) years and a carrying capacity of 66.3k TEU 15x Feeder 7x Intermediate Avg. Age: 13.37 years(1) Avg. Age: 16.7years(1) Carrying Capacity: 34.4k TEU Carrying Capacity: 31.9k TEU Size Year Name Type DWT TEU Bu
Slide 6: Vessels Under Construction
Vessels Under Construction Four vessels with capacity of 9,200 teu to be delivered during 2024 2x Feeders 2x Feeders Carrying Capacity: 2,800 teu each Carrying Capacity: 1,800 teu each Size To be Name Type DWT TEU Delivered Vessels under construction Stephania K (H4249) Feeder 22,262 1,800 Q2 2024 P
Slide 7: Vessel Employment
Vessel Employment Chartering strategy very important in maximizing revenues over the market cycle 2024 2025 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec INDEX Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EM ASTORIA $50,000 $20,000 JOANNA $ 13 , 9 0 0 $10,250 $13,500 E
Slide 8: Market Overview
Market Overview 8
Slide 9: Last 10 year 6-12m TC rate
$/ day $/ day 20,000 40,000 60,000 80,000 100,000 120,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 Jan-2014 Jan-2014 Jul-2014 Jul-2014 Jan-2015 Jan-2015 Jul-2015 Jul-2015 Jan-2016 Jan-2016 Jul-2016 Jul-2016 Jan-2017 Jan-2017 3,500 TEU gls 6-12 Month 1,700 TEU grd 6-12 Month Jul-2017 Jul-
Slide 10: Containership Market Highlights – Q1 2024
Containership Market Highlights – Q1 2024 ➢ In 2023, one-year time charter rates experienced declines across all segments, but the trend has reversed since December and charter rates increased approximately 73% to date. • Average rates ($/day) during 2024Q1 were increased by 26% compared to 2023Q4 a
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024p 2025p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.5(2.5) 2.7(2.1) 1.9(1.7) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4(0.5) 0.8(0.9) 1.5(1.7) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.9(1.9) 0.
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook 24% 23% 23% 21% 10% For delivery in 24/25/26+ 8.0 4.0 (as of Apr-24) 8000+: 105/ 117/ 131 11.0% 7.0 3.5 3-7,999: 99/ 38/ 12 0.2 1.93 6.0 0.1 3.0 100-2,999: 156/ 66/ 25 2.1 1.9 6.1% 5.0 1.8 2.5 8.1% 6.3% mTEU 3.7 mTEU 4.0 1.94 2.02 2.0 0.7
Slide 13: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook 24% 12% 11% 29% 24% 1.3 0.45 1.1 0.64 0.40 ~8.0% 0.52 0.35 0.9 0.54 0.30 ~6.3% 0.7 0.25 mTEU mTEU 0.56 0.20 0.5 0.43 0.28 0.18 0.15 ~1.9% 0.62 0.3 0.10 0.30 ~0.7% 0.28 0.1 0.25 0.26 0.05 0.04 0.05 0.08 0.00 -0.1 0-4 5
Slide 14: Outlook Summary
Outlook Summary ➢ The container shipping markets have significantly strengthened since last December due to the rerouting of vessels away from the Red Sea and Gulf of Aden, which continues to significantly impact the supply-demand balance. Most vessels on affected east-west services are now taking l
Slide 15: Market Evolution
Market Evolution Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – NB & 10 Year Old Price 90,000 60 80,000 50 70,000 60,000 40 50,000 $/ day mm USD 30 40,000 30,000 As of May 17, 2024, 1YR TC rate 20 for 2,500 TEU vessel stands at $19,500/day 20,000 10 10,000 0 0 May-2013 May-2019 May-2020
Slide 16: Financial Overview
Financial Overview 16
Slide 17: Financial Highlights: First Quarter 2023 and 2024
Financial Highlights: First Quarter 2023 and 2024 First Quarter Change (in million USD except per share amounts) 2023 2024 % Net Revenues 41.94 46.72 11.4% Net Income 28.75 20.00 -30.4% Earnings per share, diluted 4.10 2.87 -30% (1) Interest & Finance Costs, net 0.66 1.25 Depreciation 5.27 5.44 (Gai
Slide 18: Fleet Data for the First Quarter of 2023 and 2024
Fleet Data for the First Quarter of 2023 and 2024 First Quarter (in million USD except per share amounts) 2023 2024 Number of vessels 17.1 19.6 Utililization Rate(1) Operational 97.6% 99.9% Commercial 98.1% 99.8% Overall 95.7% 99.7% (usd/day/vessel) (2) Time Charter Equivalent (TCE) $29,231 $27,806
Slide 19: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile of Existing Debt $9.3m (2 vessels) $1.3m (1 vessel) Cost of funding: $1.8m (1 vessel) $7.0m (1 vessel) As of March 31, 2024, outstanding bank debt is $148.6m 40.00 with average margin of about 2.29%; assuming 3M $20.0m (4 vessels) 35.00 SOFR(1) of 5.31%,
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (03/31/24) Notes Assets 450 ➢ Cash & Other assets: $70.2m Cash & Other Assets ➢ Advances for NB vessels: $87.7m 400 ➢ Vessels book value: $308.1m 350 Advances for ➢ Total assets (at book value): $465.9m NB vessels Shareholders' Liabilities Equity (
Slide 21: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer \Investor Relations Euroseas Ltd. Capital Link,